PETALING JAYA: Small and medium enterprises (SMEs) and their employees will benefit from a RM10bil financial lifeline.
This is the second stimulus package that the government has announced within 10 days.
The first addresses the plight of the underprivileged and the middle class caught in dire straits due to the coronavirus pandemic.
The latest package of measures, dubbed the Additional Prihatin, is aimed at assisting SMEs in riding out the Covid-19 storm.
Of the RM10bil, almost 80% will be for additional wage subsidies for those drawing RM4,000 and below monthly.
This is in response to the pleas from many businesses and commerce groups who asked for more financial help.
This is an addition to the RM5.9bil wage subsidy in the RM250bil Prihatin package announced on March 27.
The remaining RM2.1bil in the second package will be in the form of special grants for eligible micro SMEs, with 700,000 of them expected to each receive RM3,000.
Prime Minister Tan Sri Muhyiddin Yassin (pic) hoped that the additional RM10bil would assist in easing the financial burden of the SMEs and ensure that all their workers remain employed.
“SMEs are the backbone of Malaysia’s economy and the sector accounts for more than two-thirds of the number of jobs in the country and close to 40% of the economy.
“It is therefore vital for us to ensure that SMEs continue to be resilient and sustainable in facing the economic…